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Buying & Selling real estate in Pennsylvania does not require an attorney, but as real estate attorneys, we have seen where there was a need, especially in today's market where it is more complicated than ever.

From that perspective we created the Real Estate Company of Lawyers Realty. The only real estate company in the area that provides the services of an attorney along with a Realtor.

Attorneys work along with your Lawyers Realty Realtor as a Team. This added value and protection does not cost anything additional to our buyers & sellers. It is just added Value & Protection.

For further information on Lawyers Realty visit our web site at
www.lawyersrealtypa.com or call to discuss your real estate needs with one of our Realtors (717) 364-3000.

Lawyers Realty, LLC


Monday, January 9, 2012

Home Ownership and Your Income Taxes


We’ve all heard the classic reasons to buy a house; “It’s the American Dream,” or “It is yours to change and decorate to how you like.”
 
Those are some emotional reasons, now for a practical benefit:  

Tax Breaks!

When the beginning of the year rolls around, and it is time to reconcile with Uncle Sam, you will be thankful that you own rather than rent. 

All of the mortgage interest you paid during the year is tax deductible up to a $1,000,000,000 mortgage!  When you itemize your tax return you can deduct the interest paid during the year.

For a loan payment of $1,200 per month you could save somewhere in the neighborhood of $3,700 in taxes for the year. Check out this Alllaw.com article about the Tax Benefits of Owning a Home including some great examples of how a mortgage can help your tax situation.

Did you know that even a home equity loan has tax breaks associated with it? As you begin to pay down your loan and the value of your house increases, you create more equity. You can then borrow against that value to pay down other bills or do home improvements. That loan interest, in addition to your mortgage, is also tax deductible.

If you are currently renting and are in a position to purchase a home, you may want to stop giving away your tax deductions to the landlord. You know he/she is thanking you every year when they are reconciling with Uncle Sam.

If you had extra money coming your way from the IRS after doing your taxes this year, how would you spend it?

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